Updated Duplex with Detached
For Sale
$305,000
2915 N 3rd Street, Minneapolis, MN 55411
MULTI_FAMILY - Minneapolis, MN
Property Size1,776 SF
Lot Size0.10 Acres
Price / SF$171.73
Days on Market70
Property Features for 2915 N 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4, Bathroom 1
Parking features
Garage - Detached
Exterior features
Aluminum Siding
Subdivision
Payne & Hendersons Sub Morrisons
High school district
Minneapolis
Directions
94E to Broadway to 3rd st N
Standard status
Active
APN
1002924320138
Size
1,776 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3893
Utilities
Heating system
Forced Air
Building Details
Year built
1906
Building materials
Block
Listing Agency:
Keller Williams Realty Integrity Lakes
(612) 821-7400
Listed By:
Hosie
(612) 821-7400
Added: Jun 11
Changed: Aug 15
Last Checked: Aug 19 at 10:06PM
MLS# 7080138
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers a practical owner-occupant or investment layout with forced-air heating and block construction. Exterior finishes include aluminum siding, and the property includes a detached garage for off-street parking. Major updates completed in 2021-2022 include a new roof, furnace, water heater, walkway, stairs, and retaining wall, helping reduce near-term maintenance demands.
The property sits on a 0.1-acre lot and totals 1,776 square feet. It is located at 2915 N 3rd Street in Minneapolis, MN 55411 (Hennepin County).
The two-unit structure is currently generating rental income, supporting a straightforward duplex strategy for buyers seeking steady cash flow while residing in one unit or adding the asset to a rental portfolio.
The property sits on a 0.1-acre lot and totals 1,776 square feet. It is located at 2915 N 3rd Street in Minneapolis, MN 55411 (Hennepin County).
The two-unit structure is currently generating rental income, supporting a straightforward duplex strategy for buyers seeking steady cash flow while residing in one unit or adding the asset to a rental portfolio.
Key Highlights
- Major updates completed in 2021‑2022: new roof, furnace, water heater, walkway, stairs, and retaining wall
- 1,776 SF duplex with two‑unit rental structure
- 0.1‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,949
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$518,980
$519.0K
Cap Rate 7%
$370,700
$370.7K
Cap Rate 9%
$288,322
$288.3K
Market Conditions
NOI Build-Up for 1,776 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$39.4K $22.20/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$37.1K $20.87/SF
− OpEx
−$11.1K −$6.26/SF
NOI
$25.9K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$518,980
Cap Rate 7%
$370,700
Cap Rate 9%
$288,322
Alternative Uses
Best Use
Multifamily LT 5
$370.7K
$324.4K – $432.5K
NOI $25,949 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$340.5K
$297.9K – $397.2K
NOI $23,833 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$423.7K
$370.8K – $494.3K
NOI $29,660 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Explore this area
Business Placement
Demographics for 55411, MN
31,214
Population
10,967
Households
2.8
Avg Household Size
28
Median Age
23%
College-Educated
81%
High-School Grad
4.0 sq mi
ZIP Area
7,804
Density / Sq Mi
$53,368
Median Household Income
$35,952
Median Earnings
$1,220
Median Rent
$233,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with forced-air heat and detached garage, plus major roof and mechanical updates completed in 2021-2022.
Where is this duplex located?
The property is located at 2915 N 3rd Street Minneapolis, MN.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Major updates completed in 2021‑2022: new roof, furnace, water heater, walkway, stairs, and retaining wall; 1,776 SF duplex with two‑unit rental structure; 0.1‑acre lot
